SM Prime Holdings Inc. confirmed a report that it will spend approximately 60 billion Philippine pesos to 65 billion pesos to build at least five new malls in the Philippines in 2017.

The company was referring to a Jan. 30 report from The Philippine Star that also noted that SM Prime is expecting to raise 15 billion pesos to 20 billion pesos in retail treasury bonds in the first quarter to fund the developments.

In December 2016, SM Prime opened SM City East Ortigas, bringing the number of shopping malls it owns in the country to 60.

As of Jan. 27, US$1 was equivalent to 49.82 Philippine pesos.